Robotic Process Automation Market By Component (Software and Service), By Deployment Model (On-premise and Cloud), By Organization Size (Large, medium and small sized enterprises) and Industry vertical (Manufacturing, BFSI, Healthcare and Pharmaceuticals, IT and Telecommunications, Retail and consumer goods, Government and Defense, Energy and Utilities, Transportation and Logistics and Others) and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), Global Forecast 2022 to 2032

The size of the global robotic process automation market was estimated at USD 4.29 billion in 2022 and is projected to grow at a notable CAGR of 28.7% to reach USD 54.47 billion by 2032.

Robotic process automation (RPA) is a new technology that automates routine business procedures by using computer programmes called bots to carry out repetitive tasks throughout the enterprise. Its applications range from telecommunications to retail, making payments to financial reporting, healthcare to human resources and information technology. RPA assists businesses with transaction monitoring processing, response generation, data manipulation, and interfacing with some other digital imaging systems.

Impact of Covid 19 and Market Status

The COVID-19 epidemic has resulted in a sharp increase within the market for robotic process automation systems in 2020, as businesses, notably manufacturing, accelerate the deployment of bots for repetitive jobs. Although the market has experienced significant growth in recent years, the COVID-19 pandemic has changed the game for the companies that offer these solutions. Companies are adopting automation solutions as a result of the pandemic's negative economic impact. In order to manage work with widely dispersed workforces and customer engagements, various businesses around the world are expected to evaluate the effectiveness of cognitive robotic process automation. On the other side, the rapid growth for business process management and automation caused by the COVID-19 pandemic has enabled major stakeholders to enforce successful strategies, including new product launches and design and development, to manage the current disruption as well as the interruption that will follow the pandemic. As an illustration, in April [2020], the RPA solutions provider Automation Anywhere unveiled a brand-new RPA solution to assist businesses with business continuity and remote work initiatives.

The revenue share for major enterprises is likely to be the largest

RPA is used by many major organisations to save time spent on regular tasks and spend the time saved in strategic decision-making. Furthermore, RPA allows large enterprises to rely on automation to reduce human errors, lower overhead costs, improve work efficiency, and ensure regulatory compliance. As the pandemic hampers enterprise revenue objectives, RPA suppliers extended the licencing period at no additional cost to their existing clients, citing these solutions as a crucial component to completing automated operations with a decreased staff.

Asia Pacific to be the fastest growing market revenue

Asia Pacific has been the fastest expanding region in the robotic process automation market, owing to increased solution and service adoption across the healthcare, pharmaceutical, IT and telecom, industrial, and retail industries. Another factor contributing to the region's favourable market growth is the rising need for automation in the Business Process Outsourcing (BPO) sector, as well as greater awareness of automation among various sectors and SMEs.

During the forecast period, North America is anticipated to have the largest market share worldwide.

North America is anticipated to hold the largest market share in the global market during the projected period due to the rising deployment of advanced self-regulating technologies like machine learning and artificial intelligence. Additionally, the US government funds and runs initiatives to persuade private businesses to implement automated solutions for efficient workflow. For example, the United States federal government launched new RPA programmes that resulted in the creation of approximately 1,000 robotic automation solutions, freeing up approximately 1.5 million hours of capacity. The region's businesses and government organisations are increasingly using automation software, solutions, and procedures, which helps the market expand.

In order to manage complex unstructured data and fully automate all business processes, organisations want to use robotic process automation. To expand the reach of business process automation, companies are fusing RPA with AI and cognitive technologies. These tools keep an eye on how people are working, find ideal procedures, and suggest to organisations which processes should be automated.

Enhancing work agility and providing better customer experiences are now crucial in a market that is extremely competitive. Several outdated platforms and systems may be automated for data collecting using robotic process automation (RPA). Customers of banks, for instance, have online access to their account information and may complete KYC verification, automated bill payment, and other tasks. These services lessen the need for human labour and contribute to better customer service.

The healthcare sector is moving toward integrating new technologies into the infrastructure because it has realised the importance of having a modern IT infrastructure. The development of RPA has completely changed how medical procedures and operations are carried out. Companies are implementing RPA in a variety of sectors, including manufacturing and retail, in an effort to reduce labour costs due to the rising cost of labour. Robotics technology adoption also enables businesses to produce high-quality goods while reducing the possibility of human error.

Outsourcing of contact centres, banking, financial services, and insurance (BFSI), business processes, procurement, and human resources (HRO) are a few of the corporate areas that are developing quickly. As a result of its adaptability in managing a variety of activities such as account opening and closure, processing requests for bids and proposals, IT system testing and monitoring, and answering queries in billing and customer support departments, there is a substantial market potential for robotic process automation across multiple business verticals. In sectors like healthcare, banking, and insurance, robotic process automation is extremely helpful. The widespread use of robotic process automation in different corporate processes has led to a profusion of strategic alliances between producers of RPA market products and BPO and other service providers. At a CAGR of 23.4% during the forecast period, it is expected that the global robotic process automation market will increase from $10.01 billion in 2022 to $43.52 billion in 2029.

RPA is the use of technology to design a computer programme or a robot to watch over and comprehend software systems enabling rule-based transaction processing, update data, set off responses, and connect with other digital systems. Robotic process automation is the use of intelligent software to perform high-volume, repetitive tasks that would normally take humans a long time to complete and are usually monotonous to perform.

Organisations are increasingly in need of these solutions to manage complex data, information, and business process automation. To automate their business processes, leading companies in the robotic process automation market are combining cutting-edge technologies like cloud, artificial intelligence, machine learning, and cognitive technologies. These cloud-based solutions that are based on artificial intelligence and machine learning track work activities, automatically identify the best workflows, and recommend self-regulatory routes for companies. High prices are just one of many things preventing the Robotic Process Automation Market from expanding. The status quo, however, may change with the introduction of new RPA-powered products.

Automation of Robotic Processes Traditional IT departments are at odds with the market. To ensure important data is backed up, a company must be aware of the products or technologies it uses for RPA. Another source of concern is uncertainty about expectations. Key players in management and the business community frequently lack a thorough understanding of how RPA will boost output and employee happiness. Many key industries around the world are embracing RPA, which is creating new opportunities. This is being used by RPA manufacturers as an opportunity to step up their R&D efforts. These manufacturers are gradually introducing new products into the robotic process automation market. The majority of these are more sophisticated and effective. Workers consequently become more productive.

The existence of significant players, such as Blue Prism Group Plc., Automation Anywhere Inc., and UiPath, has helped to consolidate the global market. In order to gain a competitive edge, these businesses are implementing a variety of strategies, including partnerships, mergers, acquisitions, and the launch of new products.

Latest Innovations of the Global Robotic Process Automation Market: a snapshot

In November 2021, UiPath, Inc. released the new 2021.10 advanced RPA platform, enabling customers to more successfully automate their business processes.

Robotic Process Automation Market  Scope

Key Segments of the Robotic Process Automation Market

Components Overview,  (USD Billion)

• Software
• Service

Deployment Model Overview, (USD Billion)

• On premise
• Cloud

Organization Size Overview, (USD Billion)

• Large
• Medium
• Small

Industry Vertical Overview,  (USD Billion)

• Manufacturing, BFSI
• Healthcare and Pharmaceuticals
•  IT and Telecommunications
• Energy and Utilities
• Transportation and Logistics
• Retail and consumer goods
• Government and Defense
•  Others

Regional Overview,  (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil

Rest of South America